EBīs net sales from Continuing Operations in 2013 grew by 14.6 per cent year-on-year to EUR 199.3 million (restated net sales of EUR 173.9 million, in 2012). Operating profit from Continuing Operations was EUR 8.1 million including the non-recurring cost of approximately EUR 0.8 million resulting from the cost saving measures in the Wireless Business Segment during the first quarter of 2013 (restated operating profit of EUR 1.1 million, 112 2012 including non-recurring items of approximately MEUR 4, weakening the Wireless Business Segmentīs operating result). Operating profit from Continuing Operations, without these non-recurring costs was EUR 9.0 million (restated operating profit of EUR 5.1 million, in 2012).
Cash flow from operating activities was EUR 34.7 million (EUR 6.8 million, in 2012). Net cash flow was EUR 28.7 million including non-recurring net cash flow of about EUR 28 million resulting from the sale of the Test Tools product business (EUR 5.1 million, in 2012). Net gearing was -46.1% (6.1%, in 2012). EBITDA from Continuing Operations was MEUR 17.2 (MEUR 8.1, in 2012).
EBīs equity ratio at the end of the period was 65.1% (54.5% on December 31, 2012). The increase in equity ratio is mainly due to the sale of the Test Tools product business. The transaction resulted in a net profit of about EUR 24 million. Cash and other liquid assets at the end of the reporting period were EUR 43.0 million (EUR 14.3 million on December 31, 2012). The increase in cash reserves is mainly due to the sale of the Test Tools product business. EB has from Nordea Bank plc a committed credit facility agreement and a revolving credit facility agreement of altogether EUR 20 million, valid until June 30, 2014. EUR 0.0 million of these facilities was used at the end of the reporting period.
The total R&D investments for Continuing Operations during January-December 2013 were EUR 18.5 million (restated EUR 22.0 million, 112 2012), equaling 9.3% of the net sales (restated 12.6%, in 2012). The share of R&D investments in the Automotive Business Segment was EUR 14.3 million (restated EUR 17.9 million, in 2012) and in the Wireless Business Segment in Continuing Operations EUR 4.2 million (EUR 4.1 million, Continuing Operations, in 2012).
EUR 0.0 million of R&D investments of the reporting period were capitalized (EUR 2.9 million, in 2012). The amount of capitalized R&D investments at the end of December 2013 was EUR 12.0 million (EUR 13.5 million, December 31, 2012). A significant part of these capitalizations is related to customer agreements of the Automotive Business Segment, where future license fees, based on the actual car delivery volumes, are expected to accumulate in the coming years. Depreciations of R&D investments were EUR 1.6 million during the reporting period (EUR 0.9 million, in 2012).
The total cost effect on EBīs income statement in 2013 caused by research and development investments, their capitalizations and depreciations, was EUR 20.1 million (EUR 19.9 million, in 2012).
Consolidated Statement of Comprehensive Income (MEUR)